Graduated summa cum laude from the Wharton School of Business at the University of Pennsylvania with a degree in economics in 2004. Has an older brother, Donald Trump Jr. & younger brother, Eric Trump and two younger half-siblings; Tiffany Trump and Barron Trump.
Records for tax deductions taken. Length of time to keep, and why:Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
Still, you'd be surprised at how much you can safely discard. Here is what you should keep and how long you should keep it. Three Years. Keep your federal and state income tax returns and related receipts and statements for at least three years.ix Years. If you may have under-reported income by 25 percent or more, then you'll need to keep tax returns and all related information for six years.